Inter-alia/blanket mortgage over Vancouver and USA property to consolidate non renewing 2nd mortgage and settle several large judgements

Request: Consumer had an existing 2nd mortgage where the lender was not able to offer a renewal. Mortgage had to be paid out. Further consolidation of debts, derog credit and judgement required to greatly improve monthly cash flow.


  • Applicants had large personal judgements on credit along with large balance credit card R9’s
  • Respective beacons 584 and 573, judgements of 15k, 10k and 45K!
  • R9 balances of 19k, 20k, 11k and 18K!
  • Stated income on one applicant
  • Not sufficient equity in primary residence in Vancouver BC
  • Required lender that had ability to blanket 2nd home in Point Roberts USA
  • USA property had no active fire insurance in place
  • No local appraisers available for USA property location
  • Personal credit reports were loaded with major derogatory balances


  • Agent discussed deal with Plan B at local industry trade show / networking event
  • Application was submitted to Plan B and game plan was discussed with agent in great length
  • Approval was quickly sourced out via one of Plan B’s exclusive lending relationships
  • Appraisal was obtained for British Columbia property
  • DLC agent remained closely involved in the fulfillment and execution of approval
  • USA appraiser was eventually sourced out and obtained
  • Final LTV was an 86% LTV 2nd on British Columbia with a blanket over the USA property reducing total LTV to 61% LTV
  • Total debt load was analysed and discussed in great length with applicant and agent to determine what needed to be paid in full, what could be settled for lower amount and what could be left alone due to near approaching Statutory of Limitations
  • Negotiated with lender to advance funds to applicant directly and NOT condition to direct funds directly to creditors for better control and negotiations of debt settlement
  • Fire insurance was obtained on USA property
  • Escrow lawyer in USA worked in conjunction with lawyers (clients and lenders) in British Columbia
  • Deal funded without issue, all goals accomplished under acceptable and affordable terms to the consumer
  • Mortgage agent maintained strong loyal repeat business relationship with consumers
  • Final terms very attractive at 7.99% rate with 1.7% lender fee
  • Agent shared the total commission with 100bps going to brokerage and agent